Why Choose Aon?
Aon is a specialist Credit Insurance Broker, and as such we have the knowledge and experience to negotiate the right combination of cost and cover for your business. We have access to the whole of the Credit Insurance marketplace, so you can be confident that all possibilities are covered. The market offers a sophisticated portfolio of subtly different products, which are constantly being added to and updated. It is our job to understand and keep pace with all such developments so that you, our client, are fully aware of the options available and the benefits each policy offers.
Our client methodology
- Data Capture: We collate key data to construct a programme design, marketing strategy and accurate market submission. The key information is focussed on two main areas: i) debtor profile and ii) credit management function and processes.
- Risk profiling: Our risk analyst team undertakes a credit risk evaluation prior to market submission. This typically includes an indication of capacity based on information available and insight into current risk grades.
- Programme design options: Programme options will consider the following key elements: i) seasonality, ii) pricing mechanism (e.g. premium rate applied to credit limits/exposure or to insurable turnover), iii) retention v insured indemnity, iv) need for committed credit lines, v) limit for self-underwriting facilities as well as vi) policy wording and structure.
- Market submissions: Each insurer approached is given clear instructions in terms of required NBI format and key performance criteria e.g. premium and pricing mechanism, limit indications, programme structure, proposed wording, service proposition etc.
- Insurer & programme evaluation: Upon receipt of the insurer NBIs, we will produce a report with recommendations for our client’s review and consideration in terms of the final recommended programme design and insurer(s) to be considered.
- Selected insurer(s) presentation: Once the preferred insurers have been shortlisted, we arrange an agreed date(s) for insurers to present their terms but, just as importantly, to explain their service proposition and implementation plan. Typically we use a “scorecard template” to enable each insurer to be evaluated in a consistent manner based on the client’s key criteria. This can be supplemented by Aon’s own insurer performance survey.
- Implementation plan: Once the decision has been made in terms of programme design and insurer(s), we construct a full implementation plan in conjunction with the client and preferred insurer(s).
- At “go live” date, a full-service model is in place. We also typically look to put in place a Service Level Agreement (SLA) with formal key performance criteria identified and agreed with our clients.